Valspar Swings to Loss on Housing-Related Charge

Valspar fell to a net loss of $295.7 million for the fiscal fourth-quarter, or $3.18/share, on a $410-million goodwill impairment charge related its 2000 acquisition of Lilly Industries. Sales for the fiscal fourth quarter rose 19.4% to $1.047 billion. Excluding a $3.82/share non-cash impairment charge for goodwill and a 13 cts/share share restructuring charge, reported earnings were 84 cts/share, a 50% increase from the year-ago quarter. The former Lilly wood coatings and gelcoat product lines, the source of the goodwill impairment charge, serve end-markets...

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